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Philippines Defence Forum

Nuclear weapons in the Philippines?
By Francisco S. Tatad | Posted on Apr. 22, 2013

Parallel moves by Washington and Beijing appear to have persuaded Pyongyang not to carry out its nuclear threat against South Korea, the United States and Japan. But unless the threat has been completely neutralized, President B. S. Aquino III may yet succeed in making the Philippines a potential target for North Korea or China.

While we had earlier feared that a North Korean missile could hit the Philippines purely by accident or mistake, in the future Pyongyang or even China could aim its missile directly at the Philippines, should it finally host American military bases all over again.

Malacañang spokesmen have been mooting the idea, 21 years after Clark Air Base, home base of the US 13th Air Force, and Subic Naval Base, home port of the U.S. Seventh Fleet, had shut down. It seems a question of legacy. It was during Cory Aquino’s presidency that the bases were thrown out of the country without war or hostility; it would be under her son’s presidency they would now return.

Should it happen, B. S. III would simply be making up for his late mother’s failure to extend the 1947 U.S.-Philippine military bases agreement after it expired in 1991. Mrs. Corazon C. Aquino had tried to extend it for another 10 years through a new Treaty of Peace, Friendship and Cooperation; but only 12 of the 22 senators who had been elected because they were her candidates supported her, even as she sat at the Senate gallery during the voting, and a mammoth rally, which she had led earlier at Rizal Park, chanted pro-bases slogans outside the building.

B.S. III apparently does not want to repeat his mother’s experience. Having pulled out all the stops to gain control of the two other branches of government last year in order to impeach and remove the then-Chief Justice Renato Corona and ram through the highly divisive and widely opposed Reproductive Health law whose constitutionality is under serious judicial question, Aquino wants to leave no stone unturned in trying to assure passage of a new bases treaty, should there be one.

He is now campaigning on government resources, full time, for a 12-0 senatorial sweep by the administration candidates in order to make sure he will have the required 16 votes minimum to support a new bases treaty, whatever its conditions and terms.

For the US, there seems to be some serious rethinking about the continued importance of permanent bases in the Philippines. When the US military began to pull out from Clark and Subic after Mt. Pinatubo erupted on June 15, 1991, and finally shipped out its last personnel and toilet bowl from Subic on Nov. 24, 1992, the “new thinking” then was that permanent land and naval bases had been rendered superfluous by mobile bases and rapid deployment. But China’s emergence as a regional maritime power, with a strategic role to play in maintaining the freedom of navigation in one of the world’s most important sealanes, has apparently brought the world’s military planners back to the old thinking.

In 1898, when the most heated debate in the U.S. dwelt on whether or not to colonize the Philippines, one of the most persuasive voices in that debate argued that the U.S. needed to “keep” the Philippines as a gateway to China, which Charles Denby described, as “a splendid market for our native products—our timber, our locomotives, our rails, our coal oil, our sheetings, our mineral plants, and numberless other articles.”

Now the US needs the Philippines in its effort to balance China, whose rise as an economic and military power seems to have become unstoppable, even as the United States and Europe enter into a period of decline. Moreover, the Philippines has become an emerging economy by itself, with a large consumer market, vast reserves of energy and mineral resources, and a young and dynamic population.

Thus, although the last report written by the former U.S. Ambassador to Manila, Kristie Kenney, on B.S. III before he became president, as recently revealed by WikiLeaks, contained an “unimprovable” portrait of the man, Washington has apparently decided to make Aquino a poster boy, precisely because he is in no position to threaten or displease his master.

Aquino himself may resent Kenney’s unforgiving characterization. But the fact that he did not measure up to the minimum requirements of someone who should be leading a nation of 95 million mostly baptized Flipinos was precisely what decided Washington to adopt him as its poodle.

The same thing happened with his late mother, who became Washington’s darling after A. M. Rosenthal, the Executive Editor of the New York Times, told Secretary of State Geroge Shultz that she was a “dazed, vacant woman.”

Aquino is not known to have any profound philosophical, theological, sociological or geopolitical confusions. His emotional quirks and addictions are well-known; even his mood swings are predictable. These are qualities most useful to a foreign government that would like to build an enduring relationship with him.

Aquino’s foreign friends have not been slow or shy in exploiting his well-known addiction to video games, fast cars, guns and military hardware. Thus, on May 15 last year, US Ambassador Harry Thomas, who had been the first to proclaim Aquino as the new president in 2010 even before the presidential electoral tribunal could finish its official canvass, took Aquino and three top Cabinet officials on a U.S. military aircraft and landed on board the Nimitz-class aircraft carrier USS Carl Vinson while inside international waters.

This happened days after the Carl Vinson dumped into the Arabian sea what was supposed to have been the body of the slain Al Qaeda leader, Osama bin Laden. It was pure juvenile adventurism which served no known state purpose at all.

Accompanying him on this folly were Foreign Secretary Albert del Rosario, Defense Secretary Voltaire Gazmin, Finance Secretary Cesar Purisima, and his communications factotum Ricky Carandang. They all seemed delighted to have been there. None of them seemed to know, despite their respective Cabinet ranks, that boarding the U.S. military aircraft was a great wrong, and that boarding the U.S. aircraft carrier was an even greater wrong.

Both acts placed the person of the Filipino sovereign, as well as the sovereignty of the Republic of the Philippines itself, under the jurisdiction and control of a foreign power—-specifically the military commander of the US aircraft and the US aircraft carrier. And the nation did not know anything about it, until it was revealed later.

With such incident in the background, there is no reason to believe Aquino would be thinking very deeply about the merit of hosting US bases again. He would probably be thinking more of how to remain America’s fair-haired boy, who would not have to perform as president in order to continue to be hyped as an “influential leader.” His drift to one-man rule and the systematic destruction of the country’s democratic institutions would remain uncommented upon by his American and European patrons, so long as they got what they wanted from him.

But unless North Korea is totally converted, and China welcomes US bases in the Philippines, the US bases, far from protecting this country, would make the danger larger. They would create, as Claro M. Recto repeatedly warned in the 50s, the strongest magnets for a possible nuclear strike from enemies we may not even know and who may not even be our own.

From a national security perspective, therefore, the proposed return of the bases needs a serious rethink. From the constitutional angle, it needs an even more serious rethink.

Under Sec. 25, Article XVIII of the Constitution, foreign military bases, troops or facilities shall not be allowed in the Philippines, “except under a treaty duly concurred in by the Senate and, when the Congress so requires, ratified by a majority of the votes cast by the people in a national referendum held for that purpose, and recognized as a treaty by the other contracting state.”

That purely procedural issue presents nothing insurmountable. But Sec. 8, Article II provides: “The Philippines, consistent with the national interest, adopts and pursues a policy of freedom from nuclear weapons.” That complicates the situation a little.

Further compounding the situation is the Southeast Asian Nuclear-Weapons-Free Zone Treaty, which all Asean state parties signed on Dec. 15, 1995 and the Philippines ratified on June 21, 2001. The treaty obliges all not to develop, manufacture or otherwise acquire, possess or allow nuclear weapons within their respective territories, which include all their lands, waters (continental shelves and exclusive economic zone) and air space.

Unless the bases renounce their nuclear capability or possession of nuclear weapons, they would not be able to function under these prohibitions. Shall the contracting parties then conspire to circumvent or override the constitutional prohibitions by agreeing that no vessel or aircraft shall be subject to inspection, and that the operations of the bases shall be governed by the US policy of neither confirming nor denying the presence of nuclear weapons on board any vessel or aircraft?

That would constitute criminal conduct, and further and unimaginable abuses could follow. The US could even store nuclear weapons inside the bases, without the knowledge or consent of the Philippine government. This has happened before; it should never happen again.

Declassified official US records have revealed that in the 60s or perhaps even before then, the US stored nuclear weapons in the Philippines without the knowledge of the government. This information is contained in a top secret memo written in 1969 by Ambassador Robert McClintock to the Acting Secretary of State, and declassified in 2006.

According to this Memo, on Oct. 2, 1969, Sen. Stuart Symington, chairman of the National Stockpile and Naval Petroleum Reserves Subcommittee of the Senate Armed Services Committee, was to conduct a hearing on the “storage of nuclear weapons in the Philippines.” Sometime before then, President Nixon directed the State Department through the National Security Council to withhold any information about the storage of nuclear weapons in the Philippines from the Symington inquiry under the cover of “executive privilege.

The White House apparently feared that “divulgence of the fact that nuclear weapons are stored in the Philippines, and have been there for many years without prior consultation with the Philippine Government, would gravely jeopardize U.S.-Philippine relations, particularly on the eve of the presidential elections scheduled for October 11. The fact that President Marcos was secretly informed of the presence of these weapons in 1966 would not work to his advantage in the elections. The Philippine government and public are not aware of storage nor of President Marcos’ knowledge thereof,” the Memo said.

McClintock feared that if the information was suppressed on the ground of executive privilege, the information could be leaked to the press, risking more damage than what was sought to be avoided. He recommended instead that the Secretaries of State and Defense get in touch with the senators on the Symington subcommittee, tell them the facts off the record without any transcript being taken, and enjoin them under no circumstances to reveal the secret.

The 1935 Constitution, which was operating then, has no provision on nuclear weapons. Nonetheless, respect for Philippine sovereignty and territorial integrity demanded that the foreign ally should have at the very least sought the government’s prior consent before storing the weapons. That was not done.

Although this secret was declassified in 2006, it is not known until now whether those weapons had, in fact, been removed at all. Therefore, the first order of business in any related conversation between Aquino and his American patrons is to demand the truth, the whole truth and nothing but the truth about those weapons.

Nuclear weapons in the Philippines? - Manila Standard Today
 
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What a joke. Nothing new, just begging for American Daddy to come back :D
Well, I hope the Chinese are satisfied. Their bullying has only driven the Philippines back into the American embrace.

malamang kaya dapat lang sila parusahan

OT: lolo Sy ikaw ba yan? :P
Yup hehehe

PH's first bullet train
Manila Bulletin
Apr 17, 2013

Manila, Philippines --- The country will soon have its first bullet train after the National Economic Development Authority (NEDA) announced that Metro Pacific Investments Corporation (MPIC) has expressed its intention to finance the $3-billion Clark-Metro Manila project.

Another project, the $1.23-billion Metro Rail Transit Line 7 (MRT-7) that will run from San Jose Del Monte in Bulacan to SM North in Quezon City, will be financed by the Japan International Cooperation Agency (JICA).

Both projects will be built under the BOT scheme.

The plan for the bullet train is to construct the new railways between the lanes of the North Luzon Expressway (NLEx) because an earlier proposal to construct it parallel to the railway was scrapped due to some technical problems.

Clark International Airport Corp. (CIAC) said the project will be called “Express Airport Trains” which will have at least three stops in Metro Manila.

CIAC said that using the proposed trains, it will only take about 45 minutes to transport passengers from Clark to Manila, and vice versa.

The planned stopovers are Balintawak or near TriNoMa or SM North in Quezon City; Manila like Dimasalang or University of Sto. Tomas; and Makati at Buendia Avenue.

Meanwhile, NEDA is re-evaluating the MRT 7 project after the previous approval had lapsed and some changes in terms and conditions have been made.

Transportation Secretary Joseph Emilio A. Abaya said that the proposal for the mass rail transit between North Avenue in Quezon City and Bulacan was already submitted to the NEDA- Investment Coordinating Committee (ICC).

The re-evaluation was needed because under the implementing rules and regulations of the government’s BOT Law, any changes in proposed project shall again be re-evaluated by the NEDA-ICC.

NEDA said that since JICA decided to fund the project, the government can expect the continuous construction of the rail once started.

The initial construction will be put up in Barangay Tala in San Jose Del Monte. The new MRT line will run through Fairview, Commonwealth Avenue, Quezon City Memorial Circle, and North EDSA.

The final station will be constructed in Paramount in Quezon City, in front of SM North EDSA and the Triangle of North Manila (TriNoMa) mall.

NEDA added that the new lane will be connected to the now operational LRT-MRT Closing Loop Interconnection Project.

It added that once the MRT-7 Line is completed, the Paramount Station will be a Mega Rail Station.
Great news :cheers:

We would need China or Japan's help. Our train infrastructure is way behind than those aforementioned countries. Our workers also lack experience in this ambitious project.
No thanks China.
 
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Acquisition of 21 choppers for election support stalls
By: Jaime Sinapit, InterAksyon.com

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MANILA, Philippines – Delivery of 21 refurbished Huey helicopters meant to augment the air assets of the Philippine Air Force in helping Comelec airlift materials to far-flung, risky territory has stalled, but Department of National Defense (DND) officials insist this will not hinder the PAF’s work.

A check with PAF on the status of the acquisition revealed there was no update yet about the reported acquisition of the choppers. This, even though Defense Secretary Voltaire Gazmin had earlier said the acquisition of the choppers can be done before the May 13 polls.

Despite the stalled acquisition, PAF spokesman Col. Miguel Ernesto Okol said there are enough choppers for the lift requirement, and the absence of the 21 choppers would not disrupt the military’s capability to support Comelec’s requirements.

Okol noted, “the term is augment,” so non-delivery of the 21 will not unduly impact operations. “Of course, if the units will come on time, this will make it easier and better for us. But we assure you that with or without the additional 21 choppers this will not impede or hold or stop our operations especially the requirements that will be needed for that activity (election).”

PAF now has 16 operational Hueys, or 51 units fewer than the ideal number of units.

Still, Okol stressed that other air assets from the 505th Search-And-Rescue (SAR) and 205th Helicopter Wing may be used in case of emergency.

PAF chief Lt. Gen. Lauro Catalino dela Cruz earlier directed key officers and units to prepare the needed air assets to support the Comelec in ferrying election materials. According to Okol, “our air assets are being used to transport election materials especially to far-flung places where land transportation is bogged down.”

Poland-based PZL Swidnik recently completed the delivery of 8 brand-new Sokol helicopters to PAF. The choppers are also ready anytime for Comelec’s use.

‘Issues’ with Korean-made lead jets

As this developed, the Philippine and South Korean governments are still threshing out “issues” involved in Manila’s acquisition of two squadron of T50 South Korean-made lead jets, said Defense Undersecretary Fernando Manalo.

He said Manila is “waiting for some requirements that should be provided by South Korea,” but did not elaborate on what he called other issues that must also be resolved including the Terms of Preferences (TOR).

Manalo is confident such issues could be resolved by end-April and the contract for the acquisition could be signed in May.

Acquisition of 21 choppers for election support stalls - InterAksyon.com
 
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Stellar performance for PH economy in 2013, 2014

by Kathleen Martin, ABS-CBNnews.com
Posted at 04/24/2013

MANILA -- The Philippine economy is seen to expand within the 6.5%-7% range this year and the next, Moody's Analytics said in a report on Wednesday.

"We expect GDP growth to remain in the 6.5% to 7% range in 2013 and 2014, making the Philippines one of the world’s fastest-growing economies," Glenn Levine, senior economist at Moody's Analytics, said in Philippines Outlook: Asia's Rising Star.

Moody's Analytics' 2013 economic growth projection is near the high-end of the Philippine government's target of a 6%-7% expansion this year. But the firm's 2014 forecast represents the lower half of the government's 6.5%-7.5% target next year.

Levine noted that last year's faster-than-expected 6.6% economic growth is deemed sustainable, as inflation remains low and within the central bank's target range.

"The strong growth has taken place in an environment of falling domestic risk and low inflation. Inflation has stabilized near 3% per year, comfortably at the lower end of the central bank’s targeted 3% to 5% range, allowing the overnight interest rate to be cut to 3.5%. This all suggests that the current rate of growth is sustainable," Levine recounted.

He further said most sectors of the economy are growing "solidly," led by the construction and the business process outsourcing industries.

"Construction surged 14% in 2012, while most other industries recorded solid but sustainable growth. This should continue in 2013, led by construction and business process outsourcing, which account for a sizable chunk of the Philippines' exports as less competitive industries such as electronics have receded," Levine said.

"On the demand side, government spending was strong in 2012, although this accounts for less than 10% of GDP. All of the other demand components recorded robust growth," he continued.

Risks to growth, however, remain. Levine said the increasing domestic debt and possible asset bubbles especially in the housing market are among the concerns of the Philippine economy.

"Still, the biggest risk for Philippine investment is operational... If the government wants to attract more foreign investment, it must ease its restrictions on foreign ownership and streamline the rules for starting businesses, paying taxes, and dealing with workers," Levine said.

The economy's growth so far has also been bolstered in part by the Aquino administration's good governance, he said.

"The crackdown on corruption and encouragement of local and foreign investment, in particular, have worked well. A commitment to infrastructure spending is beginning to pay dividends, albeit from a low base," Levine said.

He continued that there has also been improvement in infrastructure, but the government will need to do more if it wants to sustain the stellar performance of the economy.

For one, Levine noted "the difficulty of moving physical goods around the country precludes the growth of manufacturing."

Moreover, he pointed out public investment only accounts for 2.75% of GDP, which is "far too low for a country at this stage of development."

The economy has already been set on the right course, Levine stressed, and if reforms continue, it may grow toward a rate of 8% by 2016.

"This is far from assured, however, and much will depend on how smoothly the transition goes when President Aquino steps down in 2016," Levine said.

Stellar performance for PH economy in 2013, 2014 | ABS-CBN News
 
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‘Phl a rising star in a gloomy world’
By Prinz P. Magtulis (The Philippine Star) | Updated April 25, 2013

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MANILA, Philippines - The Philippines is a “rising star” in a gloomy world economy and could grow by as much as eight percent by 2016 if reforms in governance and business policies continue, a unit of debt watcher Moody’s Investors Service said.

Philippines economic growth could register between 6.5 percent and seven percent this year and the next, hitting government targets for both years, Moody’s Analytics senior economist Glenn Levine said in a report yesterday.

“The Philippines has been among the brightest parts of a generally gloomy global picture,” Levine said.

“Some low-hanging fruit has already been picked, but if development and reform continue near their current pace, the Philippines’ potential rate of growth will rise towards eight percent by 2016,” he explained.

Projections compare with the medium-term targets of the Aquino administration: six to seven percent this year, 6.5 percent to 7.5 percent in 2014, seven to eight percent in 2015 and 7.5 percent to 8.5 percent in 2016.

“Sustainable” growth will likely occur as a result of strong government spending that is pushing up construction activities, Levine said, noting that the sector grew 14 percent last year.

The business process outsourcing industry, meanwhile, is expected to offset weakening exports, which already dropped 9.4 percent as of February as electronics shipments “receded.”

Topping it all is a low inflation environment, which allowed the Bangko Sentral ng Pilipinas (BSP) to keep borrowing costs at their cheapest level to support lending activities and boost growth.

Inflation has “stabilized” at 3.2 percent as of the first quarter, falling at the low-end of the BSP’s three to five-percent target for the year. Consumer prices rose by an average of 3.2 percent in 2012. The overnight borrowing rate is at record-low of 3.5 percent.

But the Aquino administration’s “greatest achievement,” Levine said, was containing the budget deficit which allowed the country to bag its first-ever investment grade rating from Fitch Ratings last March.

The deficit fell to just 1.8 percent of economic output last year, and the government aims to hold it “near two percent” up to 2016. Government liabilities have also been manageable, with more local than overseas debts accumulated.

“The Philippines’ recent performance against a weak global backdrop shows that good governance is far and away the most important driver of growth in emerging markets,” Levine said.

“The crackdown on corruption and (the) encouragement of local and foreign investment, in particular, have worked well,” he added.

Policymakers should, however, treat rising domestic liabilities and asset bubbles as “mild concerns.” The bigger risk is the “complicated” taxation and business processes as well as limitation to foreign ownership.

“If the government wants to attract more foreign investment, it must ease its restrictions on foreign ownership and streamline the rules for starting businesses, paying taxes and dealing with workers,” Levine said.

‘Phl a rising star in a gloomy world’ | Business, News, The Philippine Star | philstar.com
 
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Proposed PHL ranger station in Tubbataha Reef
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Proposed PHL ranger station in Tubbataha Reef
April 22, 2013

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The World Wildlife Fund has just launched a capital campaign to raise P50M for the government to build a new ranger station for Tubbataha Reef National Park. The proposed design is the result of a collaboration between Dylan Melgazo and Emerging Architects Studio. WWF/EASt
 
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Our economy is still small. Looks like we need to catch up to Indonesia and Thailand.
 
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mahal kita ph from pak

ph is really progressing when u come out of manila airport u can see the new industrialized philipiness

Yes we are progressing well. In 5-10 years time, when you fly out of Manila, you will see new, tall skyscrapers
 
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While there is pervasive poverty and incredible inequality with oligopolistic setting, their economy is progressing at 6-7%. Currently it is at $240 billion so if the current target is reached every year in 5 years their GDP would be around $340 billion and in ten years close to 500 billion and 1 trillion in 20 years.
 
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mahal kita ph from pak

ph is really progressing when u come out of manila airport u can see the new industrialized philipiness

we got for four airports in manila so which one? Maybe terminal 3? because its located near new port city pasay. The old part of Vilamor Airbase.
 
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Good Job, Philippines ! Glory, Honor and Victory be to the friendship and strategic cooperation between the Philippines and the United States.

mahal kita ph from pak

ph is really progressing when u come out of manila airport u can see the new industrialized philipiness

he he he, agreed! I flew over to Manila back in 2010, and attended a conference in Makati, wow, such a gorgeous city.

the people are so friendly and beautiful. :azn:
 
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we got for four airports in manila so which one? Maybe terminal 3? because its located near new port city pasay. The old part of Vilamor Airbase.



Manila is alright, but I prefer the city of Cebu. I've been there plenty of times to visit friends' family. The beaches in Cebu and Bohol are just amazing , bro.

You have a very beautiful , beautiful, country! The women are gorgeous..haha.
 
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Manila is alright, but I prefer the city of Cebu. I've been there plenty of times to visit friends' family. The beaches in Cebu and Bohol are just amazing , bro.

You have a very beautiful , beautiful, country! The women are gorgeous..haha.

Me too love the place especially the breaches white sands
 
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Philippines to remain Asia's second fastest-growing economy this year -- S&P
By: Likha Cuevas-Miel, InterAksyon.com
April 25, 2013

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MANILA - Standard and Poor's (S&P) said the Philippines this year would still be the second-fastest growing economy in Asia next to China despite the weak global economy.

In its latest research note, S&P said the Philippines, which has been supported mainly by domestic consumption, would grow 6.5 percent this year and 6.3 percent in 2014.

This year's growth projection for the Philippines is ahead of its neighbors, save for China, which would expand 7.9 percent, faster than its 7.8-percent growth in 2012.

"China and the Asean-5 (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) are more domestically driven, and therefore continue to enjoy relatively high and stable growth rates. This is not the case elsewhere," S&P said.

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It said economic fundamentals across the region remain strong and households, corporates, financial institutions and governments' balance sheets looked healthy--thanks to the lessons learned from the Asian financial crisis 15 years ago, thus the region managed to evade most of the problems pestering the advanced economies.

S&P said it sees a modest pick up in the growth of emerging Asia, which would expand by 6.5 percent this year and rise to 6.8 percent a year after under the assumption that the US starts to recover and Europe starts to emerge from recession.

China, as mentioned above, will lead the growth for the region, accompanied by an uptick but still low inflation, on the back of investments by state-controlled enterprises financed by state banks.

India, in contrast, will continue to wrestle with low growth and relatively high inflation. Its gross domestic product (GDP) growth fell to barely five percent last year from an average of more than nine percent prior to the 2008 global crisis.

As for the rest of Asia, S&P sees Asean-5 to outperform the newly industrialized economies (NIEs) of Hong Kong, Korea, Singapore and Taiwan. The rating firm said the Asean-5's quarterly growth has been near five percent year-on-year for the past two years while the growth in NIEs had been slowing to two percent.

S&P said the NIEs tend to depend more on exports for growth, therefore outperform the Asean-5 when global growth surges. With the US still growing below potential and Europe still in recession, the Asean-5 economies would outperform the NIEs in the near-term.

"Asean-5 growth outperformance means higher inflation pressures as well. By our reckoning, most Asean-5 economies are running at or above capacity and growth remains at or above potential. This means that output gaps are closed, or even slightly positive, which implies that demand-driven price pressures are growing," S&P said.

Inflation, however, remains low -- with Philippines at 3.8 percent -- while liquidity is still loose. Central banks in the region had been keeping their policy rates on hold and if there is any pick up, the Bangko Sentral ng Pilipinas and the Bank of Indonesia would be the first two to hike rates.

"We expect Asean-5 policymakers to have more of a tightening bias than their counterparts in the NIEs. This is because the Asean-5 economies have less unused capacity," S&P said.

The risks that could change S&P's growth forecast for the region are the following:

- Double-dip recession in the US, which could spell a sharp downturn in Asian exports;

- Another Euro zone debt-related flare-up;

- Another weakening of the Japanese yen, which means significant loss of competitiveness in Japan's major export competitors, namely Korea and China;

- Heightened capital inflows; and

- Trouble in China's nonbank financial sector.

Philippines to remain Asia's second fastest-growing economy this year -- S&P - InterAksyon.com
 
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